China's foreign exchange regulator has agreed to pay $1.5
billion to $2 billion for some private equity fund interests held
by General Motors Co.'s (GM) pension plan, the Financial Times
reported Wednesday, citing people familiar with the
transaction.
China's State Administration of Foreign Exchange, which also
manages state foreign exchange reserves, will buy positions in
funds managed by firms including Carlyle Group LP (CG) and
Blackstone Group LP (BX), the report said.
Lexington Partners, which manages secondary private equity
funds, is advising the Chinese regulator and will administer the
portfolio, one person briefed on the situation told the newspaper.
Lexington might also purchase some of the GM fund holdings that the
regulator doesn't want, according to the report.
The regulator, GM and Lexington declined to comment to the
FT.
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